Title
An Ordinance of the Lexington-Fayette Urban County Government approving a Trust Agreement, dated as of the first day of the month in which obligations are issued thereunder, between the Lexington-Fayette Urban County Government and the trustee named therein; providing for the authorization, issuance and sale from time to time of Sewer System Revenue Bonds of the Lexington-Fayette Urban County Government; providing for the payment of such sewer system obligations and the securing of such payment; and authorizing other matters related thereto. [Dept. of Finance, O'Mara]
Body
WHEREAS, the Lexington-Fayette Urban County Council (the "Urban County Council") by adoption of the Prior Bond Ordinance (as defined herein) has provided for the issuance from time to time of Sewer System Revenue Bonds of the Lexington-Fayette Urban County Government (the "Issuer"), with each such issue authorized by a series resolution adopted by the Urban County Council; and
WHEREAS, the Urban County Council desires to, from this time forward, provide for the financing of sewer system improvements by the issuance of Sewer System Revenue Obligations under a Trust Agreement dated as of the first day of the month in which obligations are issued thereunder (the "Trust Agreement") between the Urban County Council and a trustee named therein (the "Trustee"), to reflect changes in Kentucky state law, financing standards, market expectations and financing techniques and to provide the Urban County Council greater flexibility in financing and investing and improved cash management, from and after the date of execution and delivery of the Trust Agreement; and
WHEREAS, the Urban County Council will not issue "bonds" from this point forward under (i) the Ordinance of the Urban County Government adopted on July 26, 1985, (the "1985 Ordinance") incident to an issue of the Issuer's Sewer System Revenue Bonds, Series of 1985, dated August 1, 1985, which have been paid and disch...
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